Metropolitan Realty Associates (MRA) has closed on the first acquisition of its new $50 million of equity fund focused on Long Island industrial assets.
Working with long-time equity partner Angelo, Gordon & Co., the company has acquired a single-story industrial asset in Bayshore, Long Island for $14 million.
5 Inez Drive is adjacent to a 10-acre vacant site where the Rockefeller Group is planning a 170,000 s/f distribution center on land it bought for $30 million earlier this year.
“The dynamic growth of last-mile delivery and e-commerce is expanding exponentially across Long Island,” said MRA Founder and CEO Joseph Farkas. “Contributing to this trend is a population density that skews towards higher income demographics and greater purchasing power by customers requiring abundant and efficient delivery services. As a result, quality warehouse buildings in convenient locations are in high tenant demand to meet their customers’ needs.”
The 94,000 s/f warehouse is currently occupied by tenant Ruby Has, a national logistics and fulfilment company, through April 2025 at a significantly below-market rent. Situated on an approximately 6.3-acre lot, the circa 1973 warehouse features 22 ft. high ceilings, nine loading docks, and two grade-level drive-in doors. It is a six-minute drive to the Long Island Expressway, an 11-minute drive to Pinter Warehouse rail terminal, and 22 minutes to Long Island McArthur airport and 41 minutes to JFK.
Michael Ventricelli of Cushman & Wakefield represented MRA in the transaction. Ashlind Properties’ Richard Cohen represented the seller, Adscott Realty Company, who listed the property at $17.5 million.